Technical Analysis: Stocks Turn Up
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A nice turn higher by the indexes today after holding support yesterday, but they still have a big Federal Reserve meeting to make it through next week. The S&P (first chart below) still faces major resistance at 1242-1246, with 1239 up first, and support is 1237, 1232, 1230, 1227 and 1225. The Nasdaq (second chart) rebounded after holding support again today, ending the day at some pretty significant resistance. Next levels to watch are 1273 and 1282, and 1248-1249 is critical support. The Dow (third chart) faces resistance at 10,664 and 10,700-10,720, and support is 10,620, 10,600 and 10,560-10,582.